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I need the correct answer if I found it is wrong answer I will down vote and inform to chegg authority Question 32 X,Y and
I need the correct answer if I found it is wrong answer I will down vote and inform to chegg authority
Question 32 X,Y and HUF of Z (represented by Z ) are partners with equal shares in profits and losses of a firm, M/s Popular Cine Vision, which is engaged in the production of TV serials and telefilms. The earlier partnership deed did not authorise payment of remuneration or interest to partners. The partnership deed was revised by the partners on 1st June, 2021 to authorise payment of remuneration of 1 lac per month to each working partner and simple interest at 15% per annum on partners' capital. X, Y and Z are actively associated with the affairs of the firm. The Profit \& Loss Account of the firm for the year ended 31st March, 2022 shows a net profit of 10 lacs after debiting/crediting the following: (a) Interest amounting to 5 lacs each was paid to partners on the balances standing to their capital accounts from 1st June, 2021 to 31 st March, 2022. b) Remuneration to the partners including partner in representative capacity 30 lacs. Interest amounting to 2 lacs paid to Z on loan provided by him in his individual capacity at 16% interest. Dyalty of 5 lacs paid to partner X, who is a professional script w per agreement between the firm and X. The same is authorized by ro separate payments of 18,000 and 15,000 made in cash on 1 rdresser, against his bill for services rendered in January, 202 000 and 10,000 made in cash on 1st February and 2nd Febri ram, an assistant cameraman, against her bill for services provid ount of 5 lacs provided in the books on 31 st March 2022 as ya, a film artist and a non-resident. Tax deducted at source unt so credited was paid on 3rd June, 2022. int of 6 lacs provided as gratuity for the year on the ity actually paid to one retired employee during the year is st of 1.20 lacs received on income-tax refund under sect 20. total income of the firm for the assessment year 20 each item. Question 32 X,Y and HUF of Z (represented by Z ) are partners with equal shares in profits and losses of a firm, M/s Popular Cine Vision, which is engaged in the production of TV serials and telefilms. The earlier partnership deed did not authorise payment of remuneration or interest to partners. The partnership deed was revised by the partners on 1st June, 2021 to authorise payment of remuneration of 1 lac per month to each working partner and simple interest at 15% per annum on partners' capital. X, Y and Z are actively associated with the affairs of the firm. The Profit \& Loss Account of the firm for the year ended 31st March, 2022 shows a net profit of 10 lacs after debiting/crediting the following: (a) Interest amounting to 5 lacs each was paid to partners on the balances standing to their capital accounts from 1st June, 2021 to 31 st March, 2022. b) Remuneration to the partners including partner in representative capacity 30 lacs. Interest amounting to 2 lacs paid to Z on loan provided by him in his individual capacity at 16% interest. Dyalty of 5 lacs paid to partner X, who is a professional script w per agreement between the firm and X. The same is authorized by ro separate payments of 18,000 and 15,000 made in cash on 1 rdresser, against his bill for services rendered in January, 202 000 and 10,000 made in cash on 1st February and 2nd Febri ram, an assistant cameraman, against her bill for services provid ount of 5 lacs provided in the books on 31 st March 2022 as ya, a film artist and a non-resident. Tax deducted at source unt so credited was paid on 3rd June, 2022. int of 6 lacs provided as gratuity for the year on the ity actually paid to one retired employee during the year is st of 1.20 lacs received on income-tax refund under sect 20. total income of the firm for the assessment year 20 each itemStep by Step Solution
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